Directorate Change
CT Automotive Group plc announced that Nick Timberlake will step down from the board on December 31, 2025, having served as a Non-executive director since July 2023. His departure is linked to Otus Capital Management's shareholding falling below the agreed 12% threshold by the end of September 2025. Following this change, the board will consist of two Independent Non-Executive Directors and two Executive Directors, with plans to appoint an additional independent Non-Executive Director in due course.
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CT Automotive Group plc ("CT Automotive" or the "Group"), a leading designer, developer, and supplier of interior components to the global automotive industry, announces Nick Timberlake will be stepping down from the board on 31st December 2025. Nick joined the board in July 2023 as a Non-executive director and appointee of Otus Capital Management. At that time Otus was the largest independent shareholder of CT Automotive and it was agreed with the company that Nick would remain on the board while Otus's shareholding was above 12% which was the case until the end of September 2025.
As a result, the Board will comprise two Independent Non-Executive Directors and two Executive Directors. The Company intends to appoint a further independent Non-Executive Director in due course.
Ray Bench, Non-Executive Chair of CT Automotive, said: "We are extremely grateful to Nick for his dedication to CT Automotive and invaluable contribution over the term of his appointment."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.